This Permanent Magnet report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The permanent magnet market size has grown rapidly in recent years. It will grow from $37.8 billion in 2024 to $42.52 billion in 2025 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to electronics and it industry growth, rise in demand from consumer electronics, government policies and regulations, industrial automation, focus on clean energy initiatives.
The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $67.16 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to electric vehicle market expansion, increasing demand for smart devices, expansion of industrial robotics, growing demand for permanent magnet generators, increasing focus towards wind energy. Major trends in the forecast period include magnetic levitation technology, development of rare earth-free magnets, miniaturization of electronic devices, customization and design flexibility, magnetic refrigeration.
The rising demand for automobile applications is expected to drive the growth of the permanent magnet market. Permanent-magnet motors are primarily used in variable-speed drives, where the stator is powered by an electronically controlled source with variable frequency and voltage. For example, in February 2022, Brand Finance plc, a UK-based brand valuation company, reported that the automobile sector achieved around 78 million unit sales in 2022, reflecting a significant 10% increase. As a result, the growing demand for automobile applications is fueling the expansion of the permanent magnet market.
The permanent magnet market is also expected to experience growth due to the increasing demand for consumer electronics. Consumer electronics encompass electronic devices designed for everyday use, contributing to personal entertainment, communication, and productivity. The use of permanent magnets in consumer electronics enhances efficiency, reliability, and overall device performance, while also offering advantages in terms of size, durability, and sustainability. For instance, LG, a South Korea-based consumer electronics company, reported its highest annual revenue ever in 2022, a 12. 9% increase from 2021. The revenue for LG Home Appliance & Air Solution Company in 2022 reached $22. 5 billion, reflecting a 10. 3% increase from the previous year. This increasing demand for consumer electronics is a driving force behind the growth of the permanent magnet market.
Leading companies in the protein purification and isolation market are developing innovative products such as earth-free permanent magnets. An earth-free permanent magnet is a type of magnet that does not contain rare-earth elements like neodymium, samarium, or dysprosium, which are commonly used for their strong magnetic properties. For example, in June 2024, Materials Nexus, a UK-based quantum mechanics company, introduced MagNex, a groundbreaking permanent magnet that is free from rare-earth elements. This innovation reduces costs, minimizes supply chain risks, and delivers high performance with environmental benefits, representing a major advancement for industries such as electric vehicles and renewable energy. MagNex also lowers carbon emissions, reduces costs, and improves supply chain security by eliminating the reliance on rare-earth elements.
Major companies in the permanent magnet market are focusing on developing permanent magnets for onshore wind turbines to boost their market revenues. Onshore wind turbines, large structures with rotating blades, are situated on land. For instance, in September 2022, Enercon GmbH, a Germany-based wind turbine manufacturer, launched a 6MW onshore wind turbine with a permanent magnet generator. The E-175 EP5 model features a 175-meter-diameter rotor and a 6-megawatt nominal capacity, designed for low- to medium-wind locations. This innovation aligns with the company's focus on utilizing direct drive principles and advanced electrical technologies.
In November 2023, High Street Capital, a US-based private equity investment firm, acquired Adams Magnetic Products for an undisclosed sum. Through this acquisition, High Street Capital aims to collaborate with Adams' management team to foster organic revenue growth, expand into new markets and product lines, and uphold operational excellence through ongoing improvements. Adams Magnetic Products is a US-based company specializing in the manufacturing of permanent magnets and magnetic assemblies.
Major companies operating in the permanent magnet market include Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH, Meidensha Corp., Continental AG, Alstom SA, Broad-Ocean Motor Co. Ltd., Xizi Forvorda ELECTRICAL MACHINERY CO. LTD., DRS Technologies Pvt. Ltd., Emerson Electric Co., Johnson Electric Holdings Limited, Leonardo DRS, Nidec Motor Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corp., Tokyo Denki Kagaku Kōgyō, Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics Ltd., Eclipse Magnetics Ltd., MagnaWorks Technology Inc., Dura Magnetics Inc., Daido Steel Co. Ltd., Hengdian Group DMEGC Magnetics Co. Ltd., Ningbo Vastsky Magnet Co. Ltd.
Asia-Pacific was the largest region in the permanent magnet market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the permanent magnet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
A permanent magnet is a magnetized material that generates a strong magnetic field on its own and retains its magnetic characteristics in the absence of an external magnetizing force, such as a current or inducing field. These magnets find applications in various electronic products.
The main types of permanent magnets include ferrite magnets, samarium cobalt magnets, alnico magnets, and neodymium iron boron magnets. Ferrite magnets are composed of ceramic materials and iron oxide, making them widely used in transformers, electronic inductors, and electromagnets due to their availability and cost-effectiveness. Sales channels for permanent magnets include direct sales and distribution. Permanent magnets are utilized by end-users in diverse industries such as general industrial, automotive, medical technology, environment and energy, aerospace and defense, and consumer electronics.
The permanent magnet market research report is one of a series of new reports that provides permanent magnet market statistics, including permanent magnet industry global market size, regional shares, competitors with a permanent magnet market share, detailed permanent magnet market segments, market trends and opportunities, and any further data you may need to thrive in the permanent magnet industry. This permanent magnet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The permanent magnets market consists of sales of ceramic magnets, injection magnets, aluminum nickel cobalt magnets, and flexible magnets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The permanent magnet market size has grown rapidly in recent years. It will grow from $37.8 billion in 2024 to $42.52 billion in 2025 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to electronics and it industry growth, rise in demand from consumer electronics, government policies and regulations, industrial automation, focus on clean energy initiatives.
The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $67.16 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to electric vehicle market expansion, increasing demand for smart devices, expansion of industrial robotics, growing demand for permanent magnet generators, increasing focus towards wind energy. Major trends in the forecast period include magnetic levitation technology, development of rare earth-free magnets, miniaturization of electronic devices, customization and design flexibility, magnetic refrigeration.
The rising demand for automobile applications is expected to drive the growth of the permanent magnet market. Permanent-magnet motors are primarily used in variable-speed drives, where the stator is powered by an electronically controlled source with variable frequency and voltage. For example, in February 2022, Brand Finance plc, a UK-based brand valuation company, reported that the automobile sector achieved around 78 million unit sales in 2022, reflecting a significant 10% increase. As a result, the growing demand for automobile applications is fueling the expansion of the permanent magnet market.
The permanent magnet market is also expected to experience growth due to the increasing demand for consumer electronics. Consumer electronics encompass electronic devices designed for everyday use, contributing to personal entertainment, communication, and productivity. The use of permanent magnets in consumer electronics enhances efficiency, reliability, and overall device performance, while also offering advantages in terms of size, durability, and sustainability. For instance, LG, a South Korea-based consumer electronics company, reported its highest annual revenue ever in 2022, a 12. 9% increase from 2021. The revenue for LG Home Appliance & Air Solution Company in 2022 reached $22. 5 billion, reflecting a 10. 3% increase from the previous year. This increasing demand for consumer electronics is a driving force behind the growth of the permanent magnet market.
Leading companies in the protein purification and isolation market are developing innovative products such as earth-free permanent magnets. An earth-free permanent magnet is a type of magnet that does not contain rare-earth elements like neodymium, samarium, or dysprosium, which are commonly used for their strong magnetic properties. For example, in June 2024, Materials Nexus, a UK-based quantum mechanics company, introduced MagNex, a groundbreaking permanent magnet that is free from rare-earth elements. This innovation reduces costs, minimizes supply chain risks, and delivers high performance with environmental benefits, representing a major advancement for industries such as electric vehicles and renewable energy. MagNex also lowers carbon emissions, reduces costs, and improves supply chain security by eliminating the reliance on rare-earth elements.
Major companies in the permanent magnet market are focusing on developing permanent magnets for onshore wind turbines to boost their market revenues. Onshore wind turbines, large structures with rotating blades, are situated on land. For instance, in September 2022, Enercon GmbH, a Germany-based wind turbine manufacturer, launched a 6MW onshore wind turbine with a permanent magnet generator. The E-175 EP5 model features a 175-meter-diameter rotor and a 6-megawatt nominal capacity, designed for low- to medium-wind locations. This innovation aligns with the company's focus on utilizing direct drive principles and advanced electrical technologies.
In November 2023, High Street Capital, a US-based private equity investment firm, acquired Adams Magnetic Products for an undisclosed sum. Through this acquisition, High Street Capital aims to collaborate with Adams' management team to foster organic revenue growth, expand into new markets and product lines, and uphold operational excellence through ongoing improvements. Adams Magnetic Products is a US-based company specializing in the manufacturing of permanent magnets and magnetic assemblies.
Major companies operating in the permanent magnet market include Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH, Meidensha Corp., Continental AG, Alstom SA, Broad-Ocean Motor Co. Ltd., Xizi Forvorda ELECTRICAL MACHINERY CO. LTD., DRS Technologies Pvt. Ltd., Emerson Electric Co., Johnson Electric Holdings Limited, Leonardo DRS, Nidec Motor Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corp., Tokyo Denki Kagaku Kōgyō, Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics Ltd., Eclipse Magnetics Ltd., MagnaWorks Technology Inc., Dura Magnetics Inc., Daido Steel Co. Ltd., Hengdian Group DMEGC Magnetics Co. Ltd., Ningbo Vastsky Magnet Co. Ltd.
Asia-Pacific was the largest region in the permanent magnet market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the permanent magnet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
A permanent magnet is a magnetized material that generates a strong magnetic field on its own and retains its magnetic characteristics in the absence of an external magnetizing force, such as a current or inducing field. These magnets find applications in various electronic products.
The main types of permanent magnets include ferrite magnets, samarium cobalt magnets, alnico magnets, and neodymium iron boron magnets. Ferrite magnets are composed of ceramic materials and iron oxide, making them widely used in transformers, electronic inductors, and electromagnets due to their availability and cost-effectiveness. Sales channels for permanent magnets include direct sales and distribution. Permanent magnets are utilized by end-users in diverse industries such as general industrial, automotive, medical technology, environment and energy, aerospace and defense, and consumer electronics.
The permanent magnet market research report is one of a series of new reports that provides permanent magnet market statistics, including permanent magnet industry global market size, regional shares, competitors with a permanent magnet market share, detailed permanent magnet market segments, market trends and opportunities, and any further data you may need to thrive in the permanent magnet industry. This permanent magnet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The permanent magnets market consists of sales of ceramic magnets, injection magnets, aluminum nickel cobalt magnets, and flexible magnets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Permanent Magnet Market Characteristics3. Permanent Magnet Market Trends and Strategies4. Permanent Magnet Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Permanent Magnet Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Permanent Magnet Market34. Recent Developments in the Permanent Magnet Market
5. Global Permanent Magnet Growth Analysis and Strategic Analysis Framework
6. Permanent Magnet Market Segmentation
7. Permanent Magnet Market Regional and Country Analysis
8. Asia-Pacific Permanent Magnet Market
9. China Permanent Magnet Market
10. India Permanent Magnet Market
11. Japan Permanent Magnet Market
12. Australia Permanent Magnet Market
13. Indonesia Permanent Magnet Market
14. South Korea Permanent Magnet Market
15. Western Europe Permanent Magnet Market
16. UK Permanent Magnet Market
17. Germany Permanent Magnet Market
18. France Permanent Magnet Market
19. Italy Permanent Magnet Market
20. Spain Permanent Magnet Market
21. Eastern Europe Permanent Magnet Market
22. Russia Permanent Magnet Market
23. North America Permanent Magnet Market
24. USA Permanent Magnet Market
25. Canada Permanent Magnet Market
26. South America Permanent Magnet Market
27. Brazil Permanent Magnet Market
28. Middle East Permanent Magnet Market
29. Africa Permanent Magnet Market
30. Permanent Magnet Market Competitive Landscape and Company Profiles
31. Permanent Magnet Market Other Major and Innovative Companies
35. Permanent Magnet Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Permanent Magnet Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on permanent magnet market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for permanent magnet? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The permanent magnet market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Ferrite Magnets; Samarium Cobalt Magnets; Alnico Magnets; Neodymium Iron Boron Magnets2) by Sales Channel Type: Direct Sales; Distributors
3) by End-Use: General Industrial; Automotive; Medical Technology; Environment and Energy; Aerospace and Defense; Consumer Electronics
Subsegments:
1) by Ferrite Magnets: Hard Ferrite Magnets; Soft Ferrite Magnets2) by Samarium Cobalt Magnets: SmCo5 Magnets; Sm2Co17 Magnets
3) by Alnico Magnets: Cast Alnico Magnets; Sintered Alnico Magnets
4) by Neodymium Iron Boron Magnets: N35 Grade Magnets; N42 Grade Magnets; N52 Grade Magnets
Key Companies Mentioned: Siemens AG; Mitsubishi Electric Corporation; Toshiba Corp.; Hitachi Ltd.; Asea Brown Boveri
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Permanent Magnet market report include:- Siemens AG
- Mitsubishi Electric Corporation
- Toshiba Corp.
- Hitachi Ltd.
- Asea Brown Boveri
- Robert Bosch GmbH
- Meidensha Corp.
- Continental AG
- Alstom SA
- Broad-Ocean Motor Co. Ltd.
- Xizi Forvorda ELECTRICAL MACHINERY CO. LTD.
- DRS Technologies Pvt. Ltd.
- Emerson Electric Co.
- Johnson Electric Holdings Limited
- Leonardo DRS
- Nidec Motor Corporation
- Hangzhou Permanent Magnet Group
- Arnold Magnetic Technologies Corp.
- Tokyo Denki Kagaku Kōgyō
- Shin-Etsu Chemical Co. Ltd.
- Electron Energy Corporation
- Adams Magnetic Products Co. Inc.
- Bunting Magnetics Co.
- Tengam Engineering Inc.
- Yantai Shougang Magnetic Materials Inc.
- Chengdu Galaxy Magnets Co. Ltd.
- Goudsmit Magnetics Ltd.
- Eclipse Magnetics Ltd.
- MagnaWorks Technology Inc.
- Dura Magnetics Inc.
- Daido Steel Co. Ltd.
- Hengdian Group DMEGC Magnetics Co. Ltd.
- Ningbo Vastsky Magnet Co. Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 42.52 Billion |
| Forecasted Market Value ( USD | $ 67.16 Billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 34 |
